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Petrobras CEO says to discuss refining partnership with CNPC CEO
November 15, 2017 / 6:10 PM / a month ago

Petrobras CEO says to discuss refining partnership with CNPC CEO

NEW YORK (Reuters) - Petrobras Chief Executive Officer Pedro Parente said he will meet this month with the CEO of China National Petroleum Corp in Brazil to discuss the details of their partnership to build a refinery complex in Rio de Janeiro.

The Chief Executive Officer of Petroleo Brasileiro SA, Pedro Parente, attends an oil conference in Rio de Janeiro, Brazil October 24, 2017. REUTERS/Bruno Kelly

Parente told reporters on the sidelines of a conference in New York that the stake CNPC will have in the refinery is not yet defined. Discussions between Petroleo Brasileiro SA , as the company is formally known, and the Chinese company began last month.

Parente added that said he expects to have a first agreement with the government on the revaluation of stakes in offshore oil blocks known as “Transfer of Rights” areas by the end of 2017.

During a panel in the same conference, Brazilian Energy Minister Fernando Coelho said the government wants to conclude the talks “as soon as possible.”

Reporting by Tatiana BautzerEditing by Jonathan Oatis

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